East Vancouver home on block designated for six-storeys sold at double assessed value for $2.8 million

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      Here’s an example of how zoning for more density increases land value.

      On July 28, 2016, the Vision Vancouver city council approved the Grandview-Woodland Community Plan.

      The plan provides direction for residential and other developments in the area bounded by Clark Drive, Nanaimo Street, East 12th Avenue, and Burrard Inlet.

      At the southern end of the community is a sub-area called the Commercial-Broadway Station Precinct.

      One of the properties in that precinct is 1985 East Broadway, a two-storey detached home built around 1932.

      It is located on a block that the Grandview-Woodland Community Plan designated for six-storey residential projects with commercial uses on the ground floor.

      Soon after the Vision council approved the community plan, the 1985 East Broadway property came on the market on September 21, 2016.

      It had a listing price of $2.8 million, which was more than three times its assessed value in 2016.

      For 2016, it had an assessed value of $914,400.

      However, the property did not sell and the listing expired on October 1, 2017.

      Based on tracking by real-estate site Zealty.ca, 1985 East Broadway returned to the market on May 31, 2021.

      This time, the listing had a price of $3 million.

      Zealty tracking showed that the property sold after 75 days on August 11, and the sale was reported on October 8.

      The home sold for $2.85 million, which Zealty indicated was 119.7 percent of its latest assessment.

      The property has a 2021 assessment of $1,297,300.